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NAR: Existing home sales decline in June

Monday, July 26, 2010

Sales of existing homes dropped in June.

Whether existing homes are selling could affect those who use construction equipment, and a recent report showed June saw a decline.

According to the National Association of Realtors, existing-home sales dropped 5.1 percent during the sixth month of the year when compared to May. June saw an annual rate of 5.37 million units sold, compared to the previous months 5.66 million pace.

While sales were down from May, they were still up when compared to levels in June 2009. That month saw an annual rate of 4.89 million.

"Broadly speaking, sales closed after the home buyer tax credit will be significantly lower compared to the credit-induced spring surge," NAR chief economist Lawrence Yun said. "Only when jobs are created at a sufficient pace will home sales return to sustainable healthy levels."

The unemployment rate for June was 9.5 percent, down from the 9.7 percent reported in May. However, much of that decline may have been tied to fewer Americans trying to look for work. The government only counts people who are looking for a job when calculating the statistic.